Quake commission must cover boarding houses
25 February 2013
Boarding houses are residential buildings and should be covered by the state-owned Earthquake Commission, New Zealand’s High Court has ruled…
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NZ marine losses top $115m over six years
25 February 2013
New Zealand marine insurers paid $NZ140.57 million ($115.1 million) on major claims from 2005 to 2011, including $NZ17.7 million ($14.5 million) for cargo losses from the September 2010 Christchurch…
In Insurance News (the magazine) this month
25 February 2013
The Insurance Council of Australia has refocused since the disastrous days of the Brisbane floods, according to new President Mark Milliner…
Code overhaul to move compliance committee ‘front and centre’
18 February 2013
The review of the General Insurance Code of Practice could result in an enhanced role for the Code Compliance Committee, independent reviewer Ian Enright has revealed…
All eyes on Great Southern D&O case as Bridgecorp seeks to appeal
18 February 2013
Entitlement to directors’ and officers’ liability policy proceeds will next be tested in the Great Southern action in the NSW Court of Appeal, with the Bridgecorp case in New Zealand now headed…
Catastrophe claims figures revised
18 February 2013
The Insurance Council of Australia has revised its claims figures on flood and storm damage in Queensland and NSW, and the Tasmanian bushfire…
Most Christchurch red zone offers accepted
18 February 2013
About 6500 property-owners have accepted the New Zealand Government’s buyout offer, out of 7207 offers…
Clients seek to switch insurers and cut policies in final days of Vic FSL
18 February 2013
Victorian brokers are encountering angry clients as the state’s fire services levy on insurance phases out…
NZ to top up ex-AMI quake fund
18 February 2013
The New Zealand Government could be up for another $NZ400 million ($328.44 million) to settle Canterbury earthquake claims it inherited when it took on the earthquake business of AMI in 2011…
Trucks getting safer, but premiums rising
18 February 2013
Australia’s roads are getting safer, with heavy vehicle crashes falling 13% in the past five years, but premiums for truck-owners are forecast to continue rising as the average claims cost increases…
Great Southern D&O test case delayed till March
11 February 2013
The Great Southern legal action that will determine whether directors’ and officers’ liability insurance can be used to fund the defence of company officers and directors has been postponed till March…
Bridgecorp appeal set to be lodged
11 February 2013
An appeal against the New Zealand High Court’s decision in the Bridgecorp directors’ and officers’ case is expected to be lodged today or tomorrow…
Insurers name dates for dropping Victorian FSL
11 February 2013
Insurers are beginning to remove the Victorian fire services levy entirely, a year after the outcry when charges of up to 95% were applied to commercial policies…
Flood figures double in a week
11 February 2013
The number of flood-related claims received by insurers has nearly doubled in the past week as a picture of the devastation wrought in central and southeast Queensland becomes clear…
Insurers trimming exposures in flood-prone Queensland
11 February 2013
Insurers have learned from the pain of previous Queensland flood events and are using reduced risk cover and higher excesses to curb their losses from the current floods, according to a leading broker…
Code review close to hardship breakthrough, but consultations fizzle
11 February 2013
The development of a new draft guideline outlining how insurers should deal with hardship cases is imminent, according to the independent reviewer of the General Insurance Code of Practice…
Marsh forecasts a competitive year ahead
11 February 2013
Rate increases in Australia will be kept to a minimum this year because of heightened competition, according to a report from the Pacific division of global broker Marsh…
NZ court rejects Christchurch council’s building rules
11 February 2013
The Insurance Council of New Zealand has successfully challenged Christchurch City Council’s bid to make building owners strengthen existing properties to 67% of new building standards, up from the current 34%…
We can’t control hazards, but get moving on exposure: ICA
11 February 2013
An increase in frequency and intensity of extreme weather events is not the main driver of increasing losses, according to the Insurance Council of Australia…
NZ Fire Service lodges appeal over composite and split-tier policies
11 February 2013
The New Zealand Fire Service Commission has lodged an appeal against a High Court decision in favour of the Insurance Brokers Association of New Zealand and Vero over composite and split-tier insurance…